Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates
VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”), is pleased to announce updated Mineral Resource Estimates by SLR Consulting (Canada) Ltd. (SLR) for the DEEP FOX and FOXTROT Critical Rare Earth Element (“CREE”) properties in South-East Labrador. The Mineral Resource estimate for DEEP FOX includes results from the recently completed Phase 3 drill program, new metallurgy recovery data, and updated rare earth price forecasts. The updated FOXTROT resource estimate is based on the previous drill programs, new metallurgy recovery data, and updated rare earth price forecasts. The resource estimates for both properties are based on an open pit/underground (OP/UG) mining scenario and will form the basis of the upcoming Preliminary Economic Assessment (“PEA”).
HIGHLIGHTS OF DEEP FOX MINERAL RESOURCE ESTIMATE (OP/UG):
• 3,906,000 tonnes OP Indicated Resource (≥C$260/t NSR cut-off);
• 1,028,000 tonnes OP Inferred Resource (≥C$260/t NSR cut-off);
• 1,148,000 tonnes UG Indicated Resource (≥C$335/t NSR cut-off);
• 2,269,000 tonnes UG Inferred Resource (≥C$ 335/t NSR cut-off);
• Mineralization is open at depth (below 200 m vertical depth) and along strike;
• Phase 4 drill program is required to explore below 200m vertical depth (UG) and to increase indicated resources underground.
HIGHLIGHTS OF FOXTROT MINERAL RESOURCE ESTIMATE (OP/UG):
• 4,577,000 tonnes OP Indicated resource (≥C$260/t NSR cut-off);
• 413,000 tonnes OP Inferred resource (≥C$260/t NSR cut-off);
• 5,462,000 tonnes UG Indicated resource (≥C$335/t NSR cut-off);
• 2,593,000 tonnes UG Inferred resource (≥C$335/t NSR cut-off);
• Mineralization is open at depth – below 450m vertical depth;
• Phase 4 infill drill program is required to increase and improve UG resources.
Greg Andrews, President and CEO of the Company states: “We are very excited to provide the updated and increased Mineral Resource estimates for both DEEPFOX and FOXTROT. The updated Mineral Resource estimate provides the anticipation of an extended project mine life and increased production of rare earth elements for our upcoming PEA report. The recent federal budget has addressed the need for funding and advancement of a Critical Minerals Strategy in Canada and we believe, Search is well poised to benefit from these funding and initiatives. We believe the Company is well positioned to become a crucial player in the creation of a secure North American rare earth element supply chain.”
Andrews added: “We are currently completing our 70t bulk sample at SGS Canada and will have approximately 20t of REE concentrate for future processing using our Direct Extraction Technology. Our goal is to produce a neodymium metal bar within a year.”
DEEP FOX RESOURCE ESTIMATE
SLR estimated the DEEP FOX Mineral Resources using drill hole and surface channel data available as of December 31, 2021. Table 1 summarizes the pit constrained and underground constrained Mineral Resource estimates by classification and Table 2 outlines the inputs used to calculate the NSR factors used. Mineral Reserves have not yet been estimated for the project. The primary rare earth elements listed are Praseodymium (Pr), Neodymium (Nd), Terbium (Tb) and Dysprosium (Dy).
Full News Release: https://www.stockwatch.com/News/Item/Z-C!SMY-3234120/C/SMY